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How to calculate income tax in India
Table of Content
1. There are three categories of individual taxpayers:
2. Income Tax Slab and Rates for Financial Year 2018-19 are as mentioned below:
3. The detailed slab for people under the age of 60 is as follows:
4. For persons above the age of 60, the slab is as follows:
5. For persons above the age of 80 (i.e. super senior citizens), the slab is as follows:
In order to calculate the exact amount of income tax that you must pay, note down your exact taxable income. The final payable tax is calculated by applying the tax rates and then deducting the amount that has already been paid through TDS (Tax Deducted at Source) and other forms of advance tax. Use tax saving calculator, if you want to know the amount you may save form tax.
In India, income tax is levied on individual taxpayers on the basis of a slab system. These tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab. The tax slabs tend to undergo a change during every budget. Further, since the budget of 2018 has not announced any changes in income tax slabs this time, it remains the same as that of last year.
There are three categories of individual taxpayers:
- Individuals (below the age of 60 years) which includes residents as well as non-residents
- Resident Senior citizens (60 years and above but below 80 years of age)
- Resident Super senior citizens (above 80 years of age)
Income Tax Slab and Rates for Financial Year 2018-19 are as mentioned below:
- No tax for individuals with income less than ₹ 2,50,000
- 0%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups
- 20% tax with income ₹ 5 lacs to 10 lacs
- Investments up to ₹ 1.5 lacs under Section 80C can save ₹ 45,000 in taxes.
The detailed slab for people under the age of 60 is as follows:
Income Tax Slabs |
Tax Rate |
Health and Education Cess |
|---|---|---|
Income up to Rs 2,50,000* |
No tax |
|
Income from Rs 2,50,000 - Rs 5,00,000 |
5% |
4% of Income Tax |
Income from Rs 5,00,000 - Rs 10,00,000 |
20% |
4% of Income Tax |
Income more than Rs 10,00,000 |
30% |
4% of Income Tax |
For persons above the age of 60, the slab is as follows:
Income Tax Slabs |
Tax Rate |
Health and Education Cess |
Income up to Rs 3,00,000* |
No tax |
|
Income from Rs 3,00,000 - Rs 5,00,000 |
5% |
4% of Income Tax |
Income from Rs 5,00,000 - 10,00,000 |
20% |
4% of Income Tax |
Income more than Rs 10,00,000 |
30% |
4% of Income Tax |
For persons above the age of 80 (i.e. super senior citizens), the slab is as follows:
Income Tax Slabs |
Tax Rate |
Health and Education Cess |
Income up to Rs 5,00,000* |
No tax |
|
Income from Rs 5,00,000 - 10,00,000 |
20% |
4% of Income Tax |
Income more than Rs 10,00,000 |
30% |
4% of Income Tax |
HDFC Life offers several saving and investment plans that allow you to maintain security of the finances and offer market-linked returns and capital benefits. For details, click on the mentioned link: https://www.hdfclife.com/savings-plans
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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